## Major Korean Banks Unite for KRW Stablecoin Venture Eight major commercial banks in South Korea are moving forward with plans to establish a joint venture focused on launching a Korean Won (KRW)-backed stablecoin. This collaborative effort includes prominent institutions such as Kookmin, Shinhan, Woori, Nonghyup, Industrial Bank of Korea (IBK), Suhyup, Citibank Korea, and SC First Bank. The project involves partnerships with the Open Blockchain Association, 2DID Association, and the Korea Financial Telecommunications and Clearing Institute. Discussions are currently centered around developing a shared infrastructure for the stablecoin. The establishment of the joint venture is anticipated by the end of this year or early next year, contingent on the implementation of a supporting legal framework. Two potential models for issuing the KRW stablecoins are under consideration: a trust-based model, where customer funds are held in trust, and a deposit token model, linking the stablecoin to bank deposits. This initiative signals a significant step towards integrating digital assets into the traditional financial system in Korea. ```